Tax,
Civil Litigation
Feb. 1, 2019
IRS to pay $40 million in tax shelter case
The settlement ends Henry Nicholas’ decade-old lawsuit against the Internal Revenue Service over the taxation of distressed assets authorities argued were tax shams.
The Internal Revenue Service will pay Broadcom co-founder Henry Nicholas $40 million to settle a lawsuit related to its handling of so-called tax shelters, ending an 11-year saga that was scheduled for a bench trial next week.
Nicholas' attorneys at Keller/Anderle LLP touted the settlement as a "decisive victory" for the billionaire, who claimed the IRS owed him $300 million for wrongly classifying a partnership as a tax sham and bl...
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